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Bitcoin is ready to enter the $130 trillion fixed income market. The question is: are you?

There is a narrative in the Bitcoin community that makes me uncomfortable when expressed without nuance: "With Bitcoin-backed lending, you never have to sell your Bitcoin." On the surface, this sounds liberating. But it sits uncomfortably close to another truth: leverage creates forced sellers. The difference between financial freedom and financial destruction lies entirely in how the mechanism is structured.

This paper was written to provide that nuance for both lenders and borrowers seeking to participate responsibly in what may become one of the most significant developments in modern credit markets.

The institutional gateways are opened

The year 2025 has marked an acceleration in Bitcoin collateral markets. JPMorgan began accepting Bitcoin and Bitcoin ETFs as collateral. Cantor Fitzgerald launched Bitcoin lending operations. Strategy received a B-rating from S&P Global. A $24 billion institutional market now exists; built by those who recognized what traditional frameworks have been slow to acknowledge: Bitcoin offers properties that no traditional collateral can match.

For borrowers, the proposition is equally compelling: access liquidity without selling, defer tax events indefinitely, and preserve exposure to an asset with a fixed supply of 21 million coins while spending currencies that expand 5-7% annually.

Yet the 2022 crypto crisis taught an expensive lesson. Platforms offering 70-90% loan-to-value ratios and secretly rehypothecating customer assets collapsed, taking over $15 billion in customer funds with them. Not because Bitcoin failed; the network operated flawlessly throughout, but because lending practices ignored centuries of financial wisdom.

The market has learned. The standards have evolved.

"The Bitcoin Lending Standards 2026" provides the complete analysis: the market drivers attracting institutional capital, the historical patterns of leverage destruction across four centuries, and the gold standard framework that separates sustainable lending from disasters waiting to happen. It examines why family offices see opportunity where traditional banks see mainly risk, and what both sides can learn from each other.

After this paper, you'll know why a 30% LTV ratio survives a 65% crash while 50% triggers liquidation. You'll recognize the five pillars that separate responsible platforms from reckless ones. You'll be able to assess any loan offer with confidence, calculate your personal risk tolerance, and spot the red flags that cost others $15 billion in 2022.

The opportunity is real. The risks are manageable. The framework exists.

Read the full paper and dive in the history of Bitcoin-backed loans.

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You could call it a breakthrough year for Blockrise (and for me). We have laid the foundation that will support our operations for many years to come: Blockrise is here to stay.

Even though 2025 has not really been a ‘bearish’ year for Bitcoin, we used the time wisely to build resilience and expand our operations:

• The MiCAR licence for Blockrise Capital reinforces regulatory compliance for the European market;
• We raised a €2 million pre-seed round in May, and we have already raised a significant portion of our €15 million seed round;
• Blockrise introduced new proprietary services and products: Bitcoin-backed loans (by Blockrise Lending), Blockrise Backup, a business onboarding flow, and a brand-new Blockrise App.
• We sharpened our proposition by officially becoming Bitcoin-only and reducing our custody fee to a competitive 0.25% p.a. This aligns closely with our beliefs: every Bitcoiner deserves secure Bitcoin custody, without technical barriers.

While we worked hard on the build, the results have been clear: we have doubled our team, doubled the number of fully onboarded clients, and even doubled our assets under management. Since receiving our MiCAR licence, we have seen even more traction, including 30x growth in trading volume through our platform. And this is just the start.

Looking ahead to 2026

There are many exciting developments on the horizon. Now that we have built a strong foundation and a complete range of services, we are shifting our focus towards our European offering and expansion:

• Deliver the best Bitcoin platform, with a stellar onboarding experience, the smoothest key ceremony, and the introduction of multi-account and multi-signature support;
• Scale our assets under management and our institutional client base aggressively through sales and marketing activities across all channels, including campaigns, podcasts, and research publications;
• Attend every Bitcoin conference in Europe with Blockrise, with team members present to answer any questions attendees may have;
• Launch Blockrise Treasury, our private bitcoin treasury, to further optimise our own bitcoin exposure through a range of products.

As you can imagine, I am incredibly proud of what we have achieved so far, and even more excited for the year ahead. Make sure to follow our journey, Blockrise is here to disrupt the Bitcoin market.

Best wishes and good health for 2026,

Jos Lazet

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Rotterdam, 26 November 2025 – Blockrise, a Dutch Bitcoin start-up, is now officially authorized to continue its financial services in the Netherlands and expand across Europe. The Dutch Authority for the Financial Markets (AFM) has granted Blockrise a license under the new European MiCAR regulation (Markets in Crypto-Assets Regulation). This marks a significant milestone in the institutionalization of Bitcoin and positions the Netherlands at the forefront of regulated Bitcoin financial services in Europe.

The MiCAR license enables Blockrise to provide its Bitcoin services throughout Europe under a single license, making Blockrise part of a select group of pioneers with access to the newly regulated Bitcoin market.

"This license is recognition that our Bitcoin services have matured. Institutional parties, corporate investors, and high-net-worth individuals want to allocate assets to Bitcoin, but only through regulated entities offering transparency, risk management, and security. Thanks to the MiCAR license, we can now expand into the European market," says Jos Lazet, CEO of Blockrise. Blockrise differentiates itself as a ‘Bitcoin-only’ platform, meaning no other cryptocurrencies are offered. While the company has long focused on Bitcoin, it recently decided to fully commit to this strategy. “Choosing Bitcoin-only was logical given its market dominance and lower volatility. It also simplifies our proposition for clients.”

Expansion into Credit Services

The granting of the MiCAR license puts pressure on traditional financial institutions to reconsider their Bitcoin-related offerings. Over the past year, demand for new Bitcoin-related services has surged, particularly for Bitcoin-backed loans—credit facilities secured by Bitcoin collateral.

Lazet: “Our clients asked if we could offer a service to provide liquidity using Bitcoin as collateral. Since this product fits our focus, we moved quickly and developed the solution entirely in-house.”

Starting this week, Blockrise Lending B.V. (a group company of Blockrise, without MiCAR-license) will also offer this new credit service to all its corporate clients, with business loans starting at €20,000. The market places strong emphasis on collateral security, and Blockrise stands out by ensuring that clients retain ownership of their pledged Bitcoin. This guarantees that the Bitcoin will not be rehypothecated to other parties. The service is offered through a group company Blockrise Lending B.V. and is provided separately to the company's regulated Bitcoin activities.service is fully compliant with MiCAR requirements.

Blockrise Launches €15 Million Investment Round

Earlier this year, Blockrise raised €2 million in seed funding from a consortium of venture capital firms and angel investors. This was the company’s first external funding round, aimed at fueling growth. With the MiCAR license now secured, Blockrise is preparing for its new funding round.

"At Blockrise, we are working hard to position ourselves as the leading Bitcoin-only platform in the European Union. To achieve this, we aim to raise €15 million from investors who share our vision for Bitcoin," Lazet adds.

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About Blockrise

Founded in 2017, Blockrise is a Bitcoin-only platform based in Rotterdam, offering services including custody, trading, asset management, inheritance planning and- through its group comany Blockrise Lending B.V. - Bitcoin-Backed loans.. The company serves high-net-worth individuals, corporate investors, and institutions. Since November 2025, Blockrise holds a MiCAR license issued by the AFM. Visit www.blockrise.com for more information.